(205 ILCS 205/6008) (from Ch. 17, par. 7306-8)
Sec. 6008. Purchase of real estate at forced sale. A savings bank may
purchase at any sheriff's or other judicial sale, either public or private,
any real estate upon which the savings bank has any mortgage, lien or other
encumbrance, or in which the savings bank has any other interest. The
savings bank thereafter may repair, insure, improve, sell, convey, lease,
preserve, mortgage, exchange, or otherwise dispose of real estate so
acquired in the best interests of the savings bank. For purposes of this Section, "real estate" includes a manufactured home as defined in subdivision (53) of Section 9-102 of the Uniform Commercial Code which is real property as defined in Section 5-35 of the Conveyance and Encumbrance of Manufactured Homes as Real Property and Severance Act.
(Source: P.A. 98-749, eff. 7-16-14.)
|